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Parkway Life Real Estate Investment Trust (PLife REIT) saw its revenue for the third quarter of 2017 drop 1.4 percent year-on-year to $27.7 million, primarily due to the depreciation of Japanese yen offset by higher rents recognised from its Singapore properties as well as contributions from the asset recycling.
Net property income also fell 1.2 percent to $25.9 million from $26.2 million previously.
Despite this, distribution per unit (DPU) rose 10.1 percent to 3.37 cents from 3.06 cents in Q3 2016, “mainly due to the partial distribution of the gains arising from the divestment of four Japan properties in December 2016 of $1.3 million.”
“Excluding the one-off gain, DPU from recurring operations (net of the amount retained for capital expenditure) for Q3 2017 has grown by 2.8 percent year-on-year,” it said.
For the first nine months of the year, revenue dipped 0.1 percent to $82.3 million, while net property income held flat at $76.9 million. DPU, on the other hand, climbed 10 percent to 9.97 cents.
Looking ahead, the REIT believes the industry will continue to be driven by “favourable patient demographics and demand for better quality healthcare and aged care services”.
“Parkway Life REIT’s enlarged portfolio of 49 high-quality healthcare and healthcare-related assets places it in a good position to benefit from the resilient growth of the healthcare industry in the Asia Pacific region.”
Meanwhile, Yong Yean Chau, chief executive officer of the REIT’s manager, revealed that Q3 2017 marks a special milestone since it is the tenth year anniversary of PLife REIT since listing on 23 August 2007.
This article was edited by Keshia Faculin.
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